The season of giving is upon us and many are looking to give back by volunteering their time, giving goods or even making a monetary donation. During this time of year, nonprofits generally receive the majority of their donations. In fact, about 34 percent of charitable giving takes place between October and December, according to the Charitable Giving Report by the Blackbaud Index.
The end of the year is also a great time for taxpayers to receive a tax break in return for donating to charities. You may be considering just how much to give to charitable causes and where to donate. The OSCPA recommends following the following tip for donating.
Keep an eye on the calendar. All donations must be made by the end of the tax year for which you want to claim the deduction. If you put a check dated December 31 in the mail by that day, you’re okay. The same goes for donations charged by year’s end to your credit card—even if you don’t pay the bill until next year.